Pemex allocated 149,200 million pesos to fixed investment between January and July, the lowest expenditure for a similar period since 2008, according to the Mexico Analysis Center Evalua.
The organization explained that the physical investment of the oil company in the period was reduced 32.1% compared to the same period of last year, and in absolute terms it meant 70,600 MDP less.
In the approved budget for 2025, a strong adjustment of 18.9% in the investment was already foreseen, but the cut observed until July has been higher in 13.2 percentage points, he stated in the “treasury at the moment” analysis.
The above limits the objectives of the Strategic Plan 2025-2035, one of which is to ensure that from 2027 Pemex has sufficient resources to cover its debt and maintain investments, and boost the production of crude oil through the development of new deposits.
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Mexico evaluated that the lower investment already affects the oil company operation.
In the first months of the year, the company produced an average of 1.44 million barrels per day (MBD) of crude, 7.69% below the 1.56 MBD goal established for the period, the lowest extraction in more than 35 years.
On the other hand, the financial burden of Pemex’s debt continues to increase. In the accumulated to July, interest payment reached 104,300 MDP, a 30% increase compared to last year.
Public Finance resent Pemex’s performance
México Evalúa indicated that oil sales revenues added 526,200 MDP to July, a 16.3% decrease compared to 2024.
Of those resources, Pemex transferred 146,400 MDP to the Federation, but the Government returned 110,800 MDP to the company through support and transfers, so the net benefit for the treasury was just 35,600 MDP, equivalent to 6.8% of oil income.
The above meant that Pemex contributed 268 pesos per person for public spending, 98% less than in 2008.
The research center said that this low performance reduces the capacity of the State to allocate oil income to the financing of essential services such as health, education or social infrastructure, in a context in which Pemex maintains challenges in investment, production and debt.
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